Business
Scrip Based Acquisition of Joy Transporters Ltd
Scrip Based Acquisition of Joy Transporters Ltd.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \n \n RNS Number : 8525F\n IronRidge Resources Limited\n 12 March 2020\n \n \n \n \n 12 March 2020\n \n \n \n \n \n Acquisition of Joy Transporters Ltd\n \n \n Saltpond and Cape Coast\n \n \n Lithium Licenses, Ghana\n \n \n Issue of Equity at Premium to Market \n \n \n \n \n \n IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company'), the African focussed minerals exploration company, is pleased to announce that it has entered into agreement with Joy Transporters Ltd ('Joy Transporters') for the acquisition of 100% of the share capital of Joy Transporters giving IronRidge full ownership of a further and highly prospective lithium exploration portfolio in Ghana (the 'Saltpond and Cape Coast Portfolio').\n \n \n The Saltpond and Cape Coast Portfolio, which is in line with the Company's vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geological, geochemical and geophysical pegmatite targets adjacent to the Company's Ewoyaa Project in Ghana (JORC Compliant Maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O)\n .\n \n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n \n Ø \n \n The acquisition of Joy Transporters is in return for the issue of \n \n \n 2,\n \n \n 360,035 \n \n \n shares in IronRidge at a price of 22.5 pence per Ordinary Share; representing a significant premium to the current share price.\n \n \n \n Ø \n \n Former shareholders of Joy Transporters further endorse the IronRidge vision through the Lock In of their IronRidge Shares for 12 months.\n \n \n \n Ø \n \n Low-cost, regional exploration programmes ongoing throughout the portfolio; including reconnaissance mapping and trenching within the Saltpond license and grid auger drilling programmes within the Apam East license.\n \n \n \n Ø \n \n Long-lead baseline environmental and social studies and monitoring ongoing.\n \n \n \n Ø \n \n Ideal infrastructure support: with projects located within 90km of the operating Takoradi deep-sea port, within 110km of the capital Accra and adjacent to the sealed bitumen Takoradi - Accra highway and high-power transmission line.\n \n \n \n Ø \n \n Highly supportive government with an extensive mining history, strong diversification drive and pro renewable and stored energy space initiatives.\n \n \n \n Ø \n \n IronRidge team to advance ...